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Credit Card Industry on Notice

Credit Card Industry on Notice
Ottawa is proposing legislation that would give the federal finance minister the authority to regulate the credit and debit card industry. Finance Minister Jim Flaherty has said that he will only use his new authority if the industry fails to comply with a proposed voluntary code of conduct. We have the government propose in budget documents giving the ... Full story
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NBC Changes Meritage Portfolios

NBC Changes Meritage Portfolios
National bank Securities Inc. will proceed in initiating changes to the composition of the Meritage Portfolios around march 31st, 2010. Since the declaration made by Finance minister Jim Flaherty on October 31t, 2006 on the implementation of a tax fairness plan which will impose a distribution on income trusts as of 2011, the income trust world of ... Full story
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Bank of Canada Keeps Low Interest Rates

Bank of Canada Keeps Low Interest Rates
Canadians are almost certain to be enjoying the historically low interest rates for at least another 4 months now that the Bank of Canada has missed the opportunity to have a policy change today. The central bank acknowledged during its scheduled policy rate announcement that the economy has improved, even to the point that exceeds their expectations, ... Full story
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Ottawa Prepares to Rein in Debt

Ottawa Prepares to Rein in Debt
Next week’s federal budget is expected to lay out spending cuts, which are meant to happen this year notes federal officials. The first hint towards his is that Ottawa intends to phase in its budget restraint program faster than previously planned. By March 4th, there should be confirmation on where the $19 billion will be spent; ... Full story
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Spending Cuts and Tax Increases Needed to Avoid Era of Deficits

Spending Cuts and Tax Increases Needed to Avoid Era of Deficits
Canadians are not facing the prospect of having spending cuts and taxes rising in order to cope with the fallout of an aging population which risks Ottawa to be in the red notes a parliamentary watchdog. With the tens of thousands baby boomers set to retire, we have the federal government looking at a grim financial ... Full story
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BMO Addresses Change to Canada’s Mortgage Market

BMO Addresses Change to Canada’s Mortgage Market
BMO Bank of Montreal recently made a statement on the changes to Canada’s mortgage market. The statement is as follows: "While we do not believe that Canada faces a housing bubble, we fully support the Minister's actions. Given the prospect of higher interest rates and the recent run-up in housing prices in some markets across Canada, the ... Full story
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Rules Getting Stricter for Home Buyers

Rules Getting Stricter for Home Buyers
Finance Minister Jim Flaherty is tightening mortgage rules in order to crack down on speculators and discourage homeowners from taking on too much debt. This is the attempt made to responding on the growing concerns that Canada’s housing market is getting too hot, although he stresses that there is ... Full story
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Canada’s Big Six Want Mortgage Rules Tightened

Canada’s Big Six Want Mortgage Rules Tightened
Canada’s top bankers are pushing to have the government come down on the mortgage market to cool off the rise in home prices. The heads of Canada’s six largest banks have told policy makers privately that they fear the wide ranging economic fallout of a U.S. style collapse in the housing market. In order to ... Full story
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Business Confidence Close to Record High

Business Confidence Close to Record High
Canadian businesses reported near record optimism about future sales and they are moving ahead with plans to hire more workers and invest noted the Bank of Canada on Monday. The survey indicated that terms have improved more for large companies, with some small firms still facing tighter lending terms. Executives have ... Full story
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Credit Card Rules Being Changed

Credit Card Rules Being Changed
Canada’s watchdog is expected to issue rulings within a few days that could shake Canada’s credit card industry, payment processors are trying to lock into contract that could be hard to break as well. Federal Finance Minister Jim Flaherty is circulating a proposed voluntary code of conduct that would be ... Full story
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